Ann: December 2021 Quarterly Activities and Cashflow Reports, page-61

750koz plant will cost you around $80m+ around the Eastern Goldfields. That doesn't include all the supportive infrastructure either.

I'd value the Davyhurst plant (1.2mtpa) + associated infrastructure + permitting, etc.. closer to $100m.

Now we're also talking about one of the largest greenstone belt holdings in the Eastern Goldfields that is relatively under-explored. There is immense value to the landholding too.

Then of course, the tax credits.

So it's incredibly undervalued at the moment. Yes, lots of work needs to be done to get the AISC to DFS levels, but they're heading the correct direction and they've stopped the bleeding.

The selling pressure is from Perennial. I'd imagine they're down to 5-10m?